DAUM Commercial Completes Lease of 60,800 Square Foot Industrial Building in Anaheim
DAUM Commercial Real Estate Services has completed a five-year lease of a 60,809 square-foot industrial building in Anaheim, California to Rakuten Super Logistics (RSL) on behalf of the lessor, a joint venture formed by Panattoni Development Company, Inc., and a fund represented by Principal Real Estate Investors.
The property is part of a newly complete Class A industrial development, Orange County Commerce Center. The project is comprised of four buildings totaling 232,000 square feet and is located on 10 acres on the border of Anaheim and Placentia, California.
According to DAUM’s Chris Migliori, who represented the lessor in the transaction, the new tenant—a leading eCommerce order fulfillment company—will utilize the property as a strategically located fulfillment center.
“Our ability to secure a tenant of this caliber speaks to the quality of the Orange County Commerce Center’s facilities and modern industrial amenities,” says Migliori, who notes that RSL is a subsidiary of Rakuten, Inc., a Forbes Global 2000 firm that was recognized as one of the world’s Top Regarded Companies in 2018. “With few available Class A options in Orange County for larger industrial users, projects like this are in high demand. This development provides industrial tenants with brand-new, well-appointed, and well-located space in a market with extremely tight overall vacancy rates, especially for new product.”
The building that RSL will occupy features 8,156 square feet of two-story office space located at the southeast corner of the building, 30’ minimum warehouse clearance height, six dock-high doors, one grade-level door, emergency lighting at each main exit door, 83 parking stalls, a 132’ fully secured and gated truck court, and a four-ply, built-up roof with a 10-year manufacturer’s warranty.
According to Jacob LeBlanc, Partner at Panattoni: “Orange County Commerce Center’s best-in-class features and convenient location, providing direct access to several major freeways and the ports, will complement RSL’s exceptional fulfillment services. It has been an absolute pleasure working with the new tenant and the DAUM team to negotiate a rewarding lease transaction for all parties.”
This is the second building of the Orange County Commerce Center to be leased and the transaction was finalized shortly after the completion of the development’s construction, notes LeBlanc.
The development broke ground in mid-2018, and Migliori and Paul Gingrich, both Executive Vice Presidents in DAUM’s Orange County office, successfully executed the development’s first lease before the end of last year. The tenant, a publicly traded commercial and residential roofing distributor, signed a 10-year lease for 69,882 square feet, fully occupying one of the center’s buildings.
The four buildings at the project range in size from 47,813 square feet to 69,882 square feet. With the two largest buildings leased, Migliori and Gingrich, who have been retained as the exclusive listing agents for the project, are continuing to seek high-grade tenants to occupy the two remaining buildings.
“There is strong demand and little availability in the 45,000 to 70,000 square-foot range in the North Orange County submarket, which makes the completion of this project extremely well timed,” continues Migliori, who notes that the submarket currently has a direct vacancy rate of only 2.3 percent.
The project features state-of-the-art construction, with each building offering two stories of executive office space, 30’ minimum warehouse clearance, ESFR sprinkler systems, both dock-high and grade-level loading, and fully secured concrete truck courts. Additional modern components include an 800-amp expandable main switchgear with 2,000-amp UGPS, and 3.0 percent skylights. Warehouses at the development feature painted interior walls, white scrim foil, painted columns, and Z-Guards on all dock-high doors.
The new development is situated in close proximity to five major freeways (Interstate 5, State Routes 91, 57, 55 & 241 Toll Road) and the Anaheim Canyon Metrolink System. The location also provides direct access to the Ports of Los Angeles and Long Beach, which recorded their highest-ever container traffic in 2018 with a total of 17.55 million TEUs.
The project also boasts several corporate neighbors, including The Walt Disney Company, Time Warner Cable, Kaiser Permanente, and PacSun, among others.
Rakuten has leased the building located at 1365 S. Van Buren Street in Anaheim, California. The three other buildings comprising the Orange County Commerce Center are located at 711 & 721 S. Van Buren Street, Placentia, California and 1367 S. Van Buren Street, Anaheim, California. More information is available at orangecountycommercecenter.com.
About DAUM Commercial
DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S. DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni operates from 24 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 330 million square feet of space. For further information, visit www.panattoni.com.